It's kinda a size too big, I'm pretty sure there's a smaller one that would fit, but this one was available in a store that let me try out the gf2 in it, so I bought it. Even though it is bigger than needed it worked great, I had no problem using all the controls, even the touchscreen. It comes with some foam wedges to shove in around the camera to take up extra space andhelp keep the camera firm.

I did get a few photos where the camera shifted in the case a little and brought the lens tube into view a bit, but that only happened when I was using it one handed, if I held it a bit firmer and took a little care it was fine.

This case fit the 14-42 lens and the 14 prime no worries, only autofocus though, no way to use lens controls in the case.

I mainly used it kayaking and stuff, very little actual submerged stuff, but regardless of use I never found the slightest hint of water in the case.
Also a bonus, because it's basically a big pocket of air, there's no chance of it sinking, ever.